What's Happening Now

Bay Area income inequality gap eclipses U.S.

July 29, 2015 – The latest tech boom has stretched the Bay Area’s income inequality gap to its widest level in decades, according to a new study from Joint Venture Silicon Valley’s Institute for Regional Studies.

The Institute’s research brief, “Income Inequality in the San Francisco Bay Area,” found that average incomes among the highest-earning Bay Area households are $149,000 higher than they are nationwide ($489,000 here compared to $340,000 in the U.S.).

July 13, 2015 - Joint Venture is proud to be a co-host with CA Fwd and the Davenport Institute of “Money, Schools, Jobs & You,” a community conversation in San Jose August 19 to engage civic leaders on some of the challenges and opportunities communities face to ensure vibrant local futures.

Four established leaders — Chuck Reed, Ashley Swearengin, Marshall Tuck and Pete Peterson — will lead the discussion on local government finance, quality of schools, ability to attract and retain quality jobs and the involvement of community leaders in key public decisions.

The free event takes place at the Dr. Martin Luther King Jr. Library beginning at 5:45 p.m. Register here.

Meet Sam Liccardo, San Jose Mayor and Joint Venture Co-Chair

June 26, 2015 - Sam Liccardo couldn’t have asked for better timing to become San Jose’s 65th mayor.

After years of coping with recession-era restraints as a San Jose City Council member, now he finds himself in his new office down the hall just as the Silicon Valley economy is rebounding in a big way.

“I’m like a kid in a candy store,” says the mayor, who is also the new co-chair of the Joint Venture board of directors.

July 1, 2015 - Joint Venture's Investors Council welcomes SAP, joining dozens of public and private organizations and foundations supporting our initiatives and programs. The Investors Council currently includes more than 100 private organizations, 56 public entities and 13 foundations.

Joint Venture offers a variety of support and sponsorship opportunities for individuals, corporations, and public sector organizations. To inquire about becoming a member of our Investors Council, call (408) 298-9330 or visit our Become an Investor page.

Silicon Valley Indicators

Did you know you can get comprehensive information and data about the economic and community health of Silicon Valley any time by visiting the online home of the Silicon Valley Index at www.siliconvalleyindicators.org?

The site is maintained and constantly updated by the Joint Venture Silicon Valley Institute for Regional Studies and is a robust collection of charts and information with links to local, regional and national data sources, and resources for additional information within each of the indicator categories: People, Economy, Society, Place and Governance.

July 1, 2015 - President Thomas Jefferson, coastal climate change, De Anza College and Silicon Valley business news are among the topics this month on Joint Venture’s weekly public affairs radio program, “Inside Silicon Valley.” Joint Venture CEO Russell Hancock hosts the hour-long program, which airs every Friday at 7 p.m. and again Sunday at noon on 1590 KLIV.

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2015 State of the Valley

More than 1,200 people packed the 2015 State of the Valley conference on Feb. 4 at the Santa Clara Convention Center, where they heard keynote remarks from Stanford University President John Hennessy, Time assistant managing editor Rana Foroohar, author and political theorist Benjamin Barber, and Technology Partners general partner Ira Ehrenpreis, as well as a panel discussion with Sam de Brouwer, Veronica Juarez, Jitendra Kavathekar, Matt Mahan (moderator), Jeff Modisett, and Ben Nelson. The day began with an update on the region’s economy and also featured the Packard Award presentation to Chris DiGiorgio and Chuck Reed, an exhibitors hall, and entertainment by local youth groups.

Briefing on the 2015 Silicon Valley Index

The 2015 Silicon Valley Index revealed that Silicon Valley’s economy is thriving from San Jose to San Francisco, surging to levels that are overwhelming the Bay Area’s capacity to handle it. At the same time, the wave of prosperity continues to widen the middle-income gap and strain the region’s ability to accommodate its ever-rising housing costs, commuter rates, traffic and transit ridership.

The comprehensive yearly analysis of the economic strength and overall health of Silicon Valley showed the region with nearly 58,000 new jobs – the highest growth rate since 2000 – 42,000 new residents, average annual earnings of $116,000, venture capital investments higher than any other year since 2000, 17,000 new patent registrations and more than 16 million square feet of new commercial building space approved.

Here is Joint Venture President and CEO Russell Hancock’s report on the 2015 Index to the annual State of the Valley conference Feb. 4, 2015.

Population Brief, May 2015

This research brief examines Silicon Valley’s population dynamics, including overall population growth, growth by city and county, birth and death rates, and the changing population composition in terms of age and gender. It also examines recent California Department of Finance (DOF) population and K-12 enrollment projections through 2023.

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In The News

July 30, 2015 - (NPR) - Silicon Valley Tech Giants Start to Raise Workers' Wages: "These corporations are used to pressure from shareholders to keep the profit margins high. Now – for the first time – they’re facing a new pressure from a labor movement speaking up for low-wage workers." Listen.

July 30, 2015 - (Palo Alto Online) - Income Inequality in Bay Area Exceeds National Levels: "The difference between high- and low-income Bay Area households in 2013 was $263,000, compared with a $178,000 difference nationwide, according to information released Wednesday by the Silicon Valley Institute for Regional Studies." More.

July 30, 2015 - (Cal State East Bay Pioneer) - Keep Charity for the Bay: :The Bay Area’s homeless population is at peak rates similar to the Great Recession, according to the Silicon Valley Institute for Regional Studies." More.

July 30, 2015 - (Wall Street Journal) - What Keeps Stripe's President Up at Night? Trying to Hire Staff: "Indeed, with startups regularly attracting significant funding and valuations soaring, U.S. think-tank Joint Venture Silicon Valley said in February that the area’s job growth rate was 4.1% — the highest it’s been since 2000." More.

July 26, 2015 - (Marin Independent Journal) - Marin Activists Seek Support in Campaign Against Child Poverty: "According to a report issued by the Silicon Valley Institute for Regional Studies, more than 8 percent of Marin’s population, some 21,263 people, lived below the federal poverty level in 2013 and more than 10 percent of these, some 1,900, were children under 6 years old." More.

July 25, 2015 - (New York Times) - Salesforce Makes Strides Toward Gender Equality in Silicon Valley: "In Silicon Valley the situation is even worse: Men earn up to 61 percent more than their female peers, according to Joint Venture Silicon Valley, a research group." More.

July 21, 2015 - (Silicon Valley Business Journal) - Housing Crisis in Silicon Valley: "Low-skill workers are out of luck when it comes to renting a livable space: Their wages hover around $27,000, according to a recent report from Joint Venture Silicon Valley." More.

July 21, 2015 - (KQED) - Immigrants Help Lead a New Silicon Valley Labor Movement: "'They make this economy hum and their wages have been stagnant,' said Russell Hancock, president of Joint Venture Silicon Valley. “There’s been no growth in their wages over a period of decades.” More.

July 16, 2015 - (KQED) - Silicon Valley Firms Beginning to Make Labor Concessions: "'They are being bludgeoned on these issues, and I don’t think anyone enjoys that,' said Russell Hancock, president of Joint Venture Silicon Valley, a consortium of business and civic leaders." More.

July 14, 2015 - (KQED) - Growing Labor Movement Shakes Up Silicon Valley: "Russell Hancock, president of Joint Venture Silicon Valley, a research think tank that did the report, says the wage gap in this region is a stark situation for workers in the service sector." More.

July 1, 2015 - (Silicon Valley Business Journal) - Santa Clara County Homeless Population Shrinks Overall, but Grows in Mountain View: "The median income for skilled tech workers tops $118,700 in the area, but low-skill workers' wages hover around $27,000 annually, according to a recent report from Joint Venture Silicon Valley." More.

June 29, 2015 - (KQED) - Bay Area Income Gap Now More Than $250,000 Between Top and Bottom: "'The high-tech earners in Silicon Valley are really swaying the variance in overall Bay Area incomes,' said Rachel Massaro, vice president and senior research associate at Joint Venture Silicon Valley. More.

June 3, 2015 - (San Jose Mercury News) - Tech-driven Job Boom Brings California Record Employment: "But what may be good for workers makes it tougher for firms trying to hire and grow as the heated job market creates continued upward pressure on wages and the cost of living, particularly in the Bay Area, said Russell Hancock, president of Joint Venture Silicon Valley." More.